Providing for your future in a time of uncertainty is one great reason to think about using a reverse mortgage. Your senior years do not need to be filled with anxiety and continual worry about how you are going to live, keep your home, or make ends meet. A reverse mortgage can supplement your income enabling you to keep on living in your house. Here are a few other excellent reasons why a this program can be your ticket to a more secure future.
It Is Easy to Obtain
One feature about a this loan that is not true about other kinds is that it really is easy to qualify for it. All you need is to be at least 62 years old and have more equity in your home than you owe on it.
Your financial status does not matter and won't even be considered when you apply. You will need to make no payments as long as you are living in the house. Instead, you can arrange for the lender to pay you each month.
It Can Provide You with a Steady Monthly Payment
A reverse mortgage enables you to receive a steady monthly payment. You can opt to receive it in a number of ways, depending on what you want. If you choose to, you can get it all at once in a lump sum. Or, you could get a small lump sum, a line of credit, and monthly payments. The choice really is yours.
It Enables You to Keep Living in Your Own Home
Reverse mortgage loans enable you to live in your own home for as long as you want. It cannot be taken away from you as long as the home, taxes and insurance are kept intact. Any money that is left over gets passed on to your estate and then to your loved ones. If you decide to sell it, you can, but the mortgage will be due at that time. In addition, it is not possible to owe more than the house is worth.
It Can Help You Do Some Things You Always Wanted
Depending on how much money you have, you can choose to take a cash lump sum and do what you have always wanted to do. This means take a vacation, travel to those places you always wanted to see, or buy a new car - or anything else.
Another option is to pay off any debts you have. A cash sum can enable you to enter your retirement years debt free. Then the rest of the money can provide you with a monthly cash flow for living expenses or medical needs.
Monthly Payments Are Not Taxable
The equity in your home is really your money. This makes it a non-taxable which enables you to have fewer concerns. This is where all those payments that you made over the years for your home can really pay off.
In order to find out more about how a reverse mortgage can benefit you, you can use a reverse mortgage calculator. These are programmed to give you the overall statistics you need to discover if one can help you be better prepared during your retirement years. Counseling is also available from third party sources.
A thirteen-year veteran of the mortgage industry, Robert Griffin specializes in reverse mortgages and has helped over 3000 Americans find financial security with a reverse mortgage. The owner of Griffin Financial Mortgage LLC, based in Fort Worth, Texas, his memberships include the National Association of Mortgage Brokers (NAMB), the Mortgage Bankers Association (MBA), the National Reverse Mortgage Lenders Association (NMRLA) and the Better Business Bureau (BBB). Robert Griffin is also co-author of "62 Senior Moments." If you would like more information, please call (866) 683-3690 or visit our website to research a Reverse Mortgage Lender.
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